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Collaboration between Medical Devices, Pharmaceuticals, and Biotechnology : Strategic Partnerships that are Transforming the Healthcare Industry
In an increasingly convergent industry such as healthcare, business collaborations are not only a necessity, but an inevitability. It is interesting to note that technologies and market segments that receive the most funding and research focus, are also the areas that are ripe for collaborative partnerships. Market segments such as personalized medicine, combination devices and regenerative medicine, have been the beneficiary of research and business collaborations. This research service identifies areas along the product development cycle that can be mined for collaborations, case studies of successful partnerships from the last few years, and various avenues available for stakeholders.
One of the most lucrative revenue streams for companies and research centers is technology licensing. Technology transfer offices (TTOs) in universities are crucial in positioning intellectual property (IP) toward acquisition/licensing or help in spinning-off into startup companies.
Countries such as Israel, South Korea, Singapore, and Australia have demonstrated remarkable commitment toward improving collaboration culture, by sponsoring technology incubators, funding public-private partnerships, and by having a supportive IP and legal framework.
Market leaders in MedTech, Pharma and Biotech are all engaged in collaborative efforts through open innovation programs and pursuing strategic partnerships. Additionally, all major healthcare companies have a venture capital arm that invests in early stage companies
In the next five years, as regenerative medicine and smart drug delivery products get commercialized, TechVision predicts a surge in collaborative efforts. Particularly, drug-device combination products are expected to gain importance in the healthcare industry.
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